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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2009
Commission File Number 001-33134
| YUCHENG TECHNOLOGIES LIMITED |
| (Translation of registrant’s name into English) |
| |
F9 Tower D, Beijing Global Trade Center, 36 North Third Ring Road East, Dongcheng District Beijing, PRC 100013 |
| (Address of principal executive office) |
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ý Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):______
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):______
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ¨ No ý
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
82-_______.
This Form 6-K consists of the following exhibits attached hereto:
1. Press release dated April 30, 2009, relating to Yucheng Formally Adopt New Revenue Segments
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | YUCHENG TECHNOLOGIES LIMITED | |
| | | | |
| Date: April 30, 2009 | By: | /s/ Remington Hu | |
| | | Name: Remington Hu | |
| | | Title: Chief Financial Officer | |
| | | | |
* Print the name and title under the signature of the signing officer.
EXHIBIT
Exhibit Number Description
1. Press release dated April 30, 2009, relating to Yucheng Formally Adopt New Revenue Segments
Yucheng Formally Adopts New Revenue Segments
BEIJING, May 1, 2009 /PRNewswire-Asia-FirstCall/ -- Yucheng Technologies Limited (NASDAQ: YTEC), a leading provider of IT Solutions to financial service providers in China, today announced that it will formally adopt the reallocation of the revenue segments for its 2008 Annual Report and all financial statements going forward. In the future, the main revenue categorizations will be:
| – | Software & Solutions, which will include all revenues created via our software and software-related solutions for clients. |
| – | Platform & Maintenance Services, which will be comprised of the procurement and resale of third-party hardware equipment and software applications, as well as maintenance and support services for our clients. |
| – | POS will become a separate revenue category and will consist of the revenue related to our POS terminal deployment. |
The table provided below reallocates our historical revenues and recognizes our Platform & Maintenance Services on a net basis, to assist with multi-period comparisons.
Summary of Yucheng’s Historical Revenues and Gross Profit for 2006, 2007 and 2008
(Numbers are in USD million)
| | 2006 | 2007 | 2008 |
| | Q1 | Q2 | Q3 | Q4 | A | Q1 | Q2 | Q3 | Q4 | A | Q1 | Q2 | Q3 | Q4 | A |
| Software & Solutions | 2 | 3 | 3.4 | 4.3 | 12.9 | 3.1 | 3.4 | 6.3 | 12 | 25.3 | 4.4 | 8.2 | 8.9 | 17.8 | 39.4 |
| Platform & Maintenance Services | 1.1 | 1.1 | 1.5 | 1.2 | 5.1 | 1.3 | 1.8 | 3.4 | 2.1 | 9 | 3.4 | 2.1 | 4.2 | 3.1 | 12.8 |
| POS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.1 | 0.4 | 0.5 | 0.3 | 0.4 | 0.6 | 0.8 | 2.1 |
| Revenue | 3.1 | 4.1 | 4.9 | 5.5 | 18 | 4.4 | 5.2 | 9.8 | 14.5 | 34.8 | 8.1 | 10.7 | 13.7 | 21.7 | 54.3 |
| Cost of Revenues | 1 | 1.5 | 1.5 | 2.4 | 6.6 | 1.7 | 1.5 | 4 | 5.7 | 13.2 | 3 | 3.4 | 5.1 | 9.5 | 21 |
| Gross Profit | 2.1 | 2.6 | 3.4 | 3.1 | 11.4 | 2.7 | 3.7 | 5.8 | 8.8 | 21.6 | 5.1 | 7.3 | 8.6 | 12.2 | 33.3 |
About Yucheng Technologies Limited
Yucheng Technologies Limited (NASDAQ: YTEC) is a leading IT service provider to the Chinese banking industry. Headquartered in Beijing, China, Yucheng has approximately 2,000 employees and has established an extensive network for serving its banking clients nationwide, with subsidiaries and representative offices in 23 cities. Yucheng provides a comprehensive suite of IT solutions and services to Chinese banks including: (i) Channel Solutions, such as web banking and call centers; (ii) Business Solutions, such as core banking systems, foreign exchange and treasury management; and (iii) Management Solutions, such as risk analytics and business intelligence. Yucheng is also a leading third-party provider of POS merchant acquiring services in partnership with banks in China.
About Fujian Rural Credit Union
Fujian Rural Credit Union (FRCU) was founded in 1999 through the consolidation of more than 80 rural credit unions operating within the province. It is headquartered in Fuzhou, the capital of Fujian province, and has more than 2,000 outlets across Fujian province. FRCU provides a full range of commercial and retail banking services, including RMB deposits, loans, payment services, investment and financing services, debt products and intermediary businesses.
For Further Information
Rebecca Alexander
+1 914 613 3648
+86 10 5913 7998
ralexander@yuchengtech.com
Safe Harbor Statement
This press release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology, such as ''may,'' ''will,'' ''expect,'' ''intend,'' ''estimate,'' ''anticipate,'' ''believe,'' ''project'' or ''continue'' or the negative thereof or other similar words. Such forward-looking statements, based upon the current beliefs and expectations of Yucheng's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: current dependence on the PRC banking industry demand for the products and services of Yucheng; competition from other service providers in the PRC and international consulting firms; the ability to update and expand product and service offerings; retention and hiring of qualified employees; protection of intellectual property; creating and maintaining quality product offerings; operating a business in the PRC with its changing economic and regulatory environment; and the other relevant risks detailed in Yucheng filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Yucheng assumes no obligation to update the information contained in this press release.
